TRINITY Limited (ASX: TCQ) has made a $3.67 million loss in the first half year, due largely to a $3.1 million write-down in the value of the Cumberland Lorne Resort property.
CEO Chris Morton said the write-down was the result of continued adverse market conditions for the coastal leisure property sector and was additionally influenced by the recent sales campaign.
Trinity also recorded a $0.4 million write-down to the value of its commercial properties at Mulgrave, Victoria. In the previous half year, Trinity made a net profit of $653k. Revenue was down 50% from $10.74 million to $5.318 million.
Morton said despite the write-down, Trinity’s core commercial properties performed well during the period.
“We have, during the period, made good leasing progress for our flagship property at 88 Creek/308 Queen St, Brisbane. Two key retail spaces have either been, during the period, leased or subject to heads of agreement including an Italian style coffee shop at the 88 Creek St frontage of the property and an upmarket bar in the ground floor heritage area of the 308 Queen St building. We will continue to focus on improving the performance of our core assets,” he concluded.
The group’s NTA of 38.3 cents per security as at 31 December 2012 reflects Trinity’s trading results for the half year, property write-downs and the impact of the off-market buyback completed in December 2012.
Trinity is currently in negotiation with potential buyers for Compark Circuit, Mulgrave and Cumberland Lorne Resort.
Property Review
